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REGISTER PARTICIPANTS Indicator Statistical Support Resistance Mt4

Discussion in 'Technical Indicators MetaTrader 4' started by Emma McNeill, Nov 3, 2020.

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  1. Emma McNeill

    Emma McNeill Moderator
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    Statistical support Resistance

    #statisticalsupportresistance

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    Support and Resistance levels are not fixed. They are not even a static level in a day and they will change hourly by market fluctuations. Enough is enough for traders to lose money because of the wrong SL and being hunted by SL hit. There are many types of support/resistance indicators (methods) but most of the time do not work well. Traditional and classic indicator of Support/Resistance levels representing delusion levels that are not actual or accurate enough. Fibonacci is good but not enough and professional traders have experienced many times that the price broke out the key level of 61.8 % without any reaction or retracement.
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    Pivot points are not always accurate and most of the times those pivot points price action are minor and rely on it is a big mistake that cause SL hit. Round numbers or Moving average acts inconsistent and traders do not know how much likely the price whether break out the level or react .
    So what is the solution? This indicator (Statistical Support/Resistance) draws sophistical levels based on statistics and probability with putting in market volatility. It brings traders the choice power to set TP or SL and trailing stops according to proven levels having probability. Having probability helps traders for better money management and partial position close.
    Features:

    • Show four levels for each support and resistance
    • Each level has specific break out probability
    • Calculation is based on last 24 hourly candles
    • In some cases, calculation is based on only today OHLC Candle
    • Prevent trader being trapped by SL hunting
    • Determine how much is the probability that price may break out the level
    • Show spread of symbol and remained time that the candle get close
    • Levels are dynamic so new candles results new levels
    Inputs:
    • Color: the color of text
    • Corner: chart corner that information is going to be present
    • Font size of information
    • Font size of level names
    • Time frame of calculating levels [it should be always greater than current time frame]




     

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